Abbisko Cayman (2256) H1 2025 earnings summary

Executive summary

• H1 2025 total income was RMB657.1m; profit for the period was RMB328.5m, supported mainly by the one-time Merck licensing payment.

• Pimicotinib’s TGCT NDA was accepted by China’s NMPA and granted Priority Review; irpagratinib’s registrational HCC study began dosing.

Financial highlights

• Revenue and gross profit were RMB612.1m, up 23% YoY; revenue comprised one-time licensing revenue, including Merck’s option fee.

• Profit for the period was RMB328.5m, up 59% YoY; adjusted profit excluding share-based payment expenses was RMB336.1m, up 56%.

• R&D expense rose 6% to RMB228.0m; adjusted R&D expense excluding share-based payments was RMB223.4m.

• Administrative expense declined to RMB35.4m from RMB40.3m.

• Basic and diluted EPS were RMB0.53 and RMB0.51, respectively.

Outlook and guidance

• Priorities include advancing clinical-stage and discovery programs, expanding global partnerships, improving operating and financial efficiency, and maintaining disciplined capital allocation and shareholder returns.

• Pimicotinib is advancing toward potential TGCT commercialization; China’s NMPA accepted its NDA in June and granted Priority Review in May.

• ABSK211, selected as a Pan-KRAS preclinical candidate in H1, entered IND-enabling work; ABSK141 was also in IND-enabling studies.